A viral footage from 2018 has resurfaced online, showing CEO Brad Garlinghouse 
boldly declaring that Ripple was taking over SWIFT (Society for Worldwide 
Interbank Financial Telecommunications). At the time, the crypto payments 
company was still in its early growth phase, aggressively positioning itself 
as a faster and more cost-effective alternative to SWIFT. Today, Ripple has 
evolved significantly in various aspects, including regulation, payments, 
global adoption, partnerships, banking, and more. Ripple CEO Makes Bold Claim 
To Surpass SWIFT During the 2018 Bloomberg interview, Garlinghouse was asked 
whether he believed Ripple could ever take over SWIFT. The CEO responded 
calmly, “I think what we’re doing and executing on a day-by-day basis is in 
fact taking over SWIFT.” He stated that the company had already signed with 
more than 100 banks, noting that some of the largest SWIFT-enabled financial 
institutions in the world are already using Ripple’s technology. Related 
Reading: Analyst Who Called Bitcoin Price Crash Above $100,000 Predicts Crash 
To $29,000 Garlinghouse’s statement reflected confidence in Ripple’s growth 
potential and its ability to transform global payment systems. He pointed to 
practical, real-world applications, explaining that a remittance company 
adopted Ripple’s technology in 2018 and lowered the price per transaction from 
$20 to just $2, leading to a staggering 800% surge in usage overnight. 
According to him, this type of growth and dynamic is what Ripple can address, 
while SWIFT has struggled to support. Despite his bold vision, many in the 
crypto community today remain skeptical. One possible reason for this doubt is 
that SWIFT has served as the backbone of international financial 
communications since 1973. Hence, it has built decades of strong credibility, 
trust, compliance, and security standards—areas where Ripple, by comparison, 
is still developing. However, despite these long-standing advantages, SWIFT 
falls short in many areas that Ripple aims to improve. The system relies on 
processes that take 1-5 days for transactions to settle, while Ripple executes 
transfers in seconds. In addition, SWIFT’s transfers also cost $25-$50 per 
transaction, while the average all-in costs for institutional payments on 
Ripple range from $0.001-$0.01 per transaction, a staggering contrast. One of 
SWIFT’s biggest flaws today is that it does not move money directly; instead, 
it sends messages about money while still relying on pre-funded Nostro 
accounts. This reliance is the key area where Ripple has a huge advantage. 
While SWIFT’s pre-funded accounts and use of intermediaries slow payments, 
Ripple’s On-Demand Liquidity (ODL) leverages XRP as a bridge currency to speed 
up transfers. The crypto company converts the sender’s currency into XRP, 
moves it across the ledger, and then converts it to the receiver&#8217;s 
currency—all of which is done in seconds. How Ripple Has Evolved Since 2018 
Fast-forward to today, Ripple has overcome major hurdles since 2018, including 
resolving its almost seven-year legal battle with the US SEC and gaining 
clearer regulatory guidance and recognition. At the same time, the company has 
continued to expand globally while enhancing the XRP Ledger (XRPL) with new 
updates and stronger security features. Related Reading: XRP Analyst Reveals 
Why The Altcoin Is Set To Hit $27 So far, the company continues its efforts to 
either rival or work with SWIFT. It has established partnerships with hundreds 
of banks, payment providers, remittance firms, and other institutions. Ripple 
has also expanded its offerings through various strategic acquisitions, 
including Hidden Road, Metaco, GTreasury, and others. As a result, the crypto 
firm now extends its services beyond payments to include custody, settlement, 
treasury management, and more. Recently, one of Ripple&#8217;s biggest milestones 
was gaining conditional approval from the Office of the Comptroller of the 
Currency (OCC) for a national bank charter. A full license would officially 
designate Ripple as a federally recognized bank, bringing the company one step 
closer to its goals. Featured image created with Dall.E, chart from 
Tradingview.com

2018 Footage Of Ripple CEO Saying They’re Taking Over SWIFT Resurfaces, But How Have They Fared Since Then?

Thailand’s SEC plans to drag hidden funders of crypto firms into its 
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Thai SEC moves to expose hidden funding behind crypto shareholders

Iran&#8217;s crypto demand for Hormuz passage could disrupt global shipping, impact 
oil prices, and increase geopolitical tensions in the region.
The post Iran demands Bitcoin, crypto payments for Strait of Hormuz passage: 
FT appeared first on Crypto Briefing.

Iran demands Bitcoin, crypto payments for Strait of Hormuz passage: FT

Polymarket has completed its all‑stock acquisition of DeFi startup Brahma, 
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Cryptocurrency price in KWD